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Industry roundup: 17 December

ANZ and Worldline joint-venture to provide payments technology and merchant services in Australia

ANZ has announced it will enter into a joint-venture with European-based payments firm Worldline to provide its commercial, small business and institutional customers in Australia with access to the latest technology for fast, reliable and more secure point-of-sale and online payments.

The joint venture arrangement involves ANZ and Worldline forming a newly created merchant acquiring group, with ANZ and Worldline holding a 49% and 51% interest respectively.

ANZ estimates completion of the transaction will increase its Level 2 CET1 capital ratio by ~5 basis points. The transaction is expected to be completed in late 2021 and is subject to regulatory and other approvals and card scheme arrangements.

“Receiving fast and secure payments is key to running a successful business and this partnership will provide our customers with access to some of the most advanced payments technology currently available, as well as future innovations, to improve the speed and security of point-of-sale and online payments," said Mark Hand, Group Executive Australia Retail and Commercial at ANZ. “The partnership also responds to the fast-changing way that consumers want to pay for goods and services, particularly in a post-COVID environment,” Mr Hand said.

 

Danske Bank deploys Quantexa’s AI platform for financial crime detection

Quantexa has announced its AI-based technology is supporting Danske Bank as it enhances its anti-money laundering (AML) monitoring and investigation capabilities. 

After a successful pilot in 2018, the bank is now using Quantexa’s CDI platform to perform transaction monitoring on Danske’s market trading business and financial crime investigations. With Quantexa’s contextual monitoring, entity resolution and network analytics capabilities, Danske Bank uses artificial intelligence (AI) to uncover the real-world context in data to detect financial crime.

The implementation of Quantexa’s Contextual Decision Intelligence tools has helped enhance Danske Bank’s ability to detect suspicious activity within its market trading business for areas such as foreign exchange, securities and equities. 

“Harnessing technology enables us to identify complex financial crime behaviours more effectively," said Satnam Lehal, Head of Financial Crime detection in Danske Bank. "Running advanced analytics on a wide range of datasets can help us better detect, investigate, and prevent financial crime.”

 

Nordea joins the Partnership for Carbon Accounting Financials

Nordea has taken a step to strengthen its work to track and measure its climate change risks and impacts by joining the industry-led Partnership for Carbon Accounting Financials (PCAF). This should support the bank's commitment to aligning its lending and investment portfolio to the climate goals of the Paris Agreement.

Banks play a crucial role in combatting the impacts of climate change and enabling the transition to a low-carbon economy. Becoming a member of PCAF, Nordea will be part of a global partnership of financial institutions working together to develop and implement a harmonised approach to assessing and disclosing the greenhouse gas (GHG) emissions associated with their loans and investments.

"We are committed to working together with our customers to align with the climate goals of the Paris Agreement," commented Ylva Hannestad, deputy head of Group Sustainable Finance at Nordea. "PCAF will provide us with an important building block in delivering on this commitment, namely a consistent and standardised carbon accounting method to measure our financed emissions."

 

EAST and FS-ISAC partner on cyber threat intelligence

The European Association for Secure Transactions (EAST), and FS-ISAC have signed a memorandum of understanding (MOU) strengthening their sharing of secure payment-related intelligence to battle fraud.  

In 2020, average monthly fraud cases reported by FS-ISAC members have increased by 82%. The latest EAST European Payment Terminal Crime Report, covering the first six months of 2020, reported a 269% increase in ATM malware and logical attacks. As fraud attempts have skyrocketed during the pandemic and digitisation of financial services reaches a point of no return, it is critical for anti-fraud efforts and cybersecurity teams to work together more closely moving forward.

Specifically, the partnership is designed to strengthen the following:  

  • Operational intelligence sharing. 
  • Anti-fraud and cybercrime prevention initiatives.
  • Malware analysis.
  • Strategic partnerships.

“The current pandemic has accelerated changes taking place in the financial landscape,” said Lachlan Gunn, EAST executive director.  “Financially motivated cybercriminals targeting banks and other financial institutions have reacted accordingly and increasing our collaboration with FS-ISAC is an important step forward in the sharing of intelligence for the industry in Europe and beyond.” 

“Accelerated global digitalisation combined with the growing sophistication of cybercriminals demands more sharing and collaboration in the financial sector, both regionally and globally,” said Lucie Usher, intelligence officer for EMEA at FS-ISAC.  “This strengthened collaboration between FS-ISAC and EAST will further enable intelligence sharing to better safeguard the European global financial system.” 

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